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Dec 23, 2012
12/12
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. >>> so far the fiscal cliff debate in washington has focused largely on taxes, tax rates, how much the wealthiest 1% or 2% americans will see their tax rates go up. tax hikes on the rich alone will not put all that much of a dent in the national deficit. could you take away every dollar from the top 1% of earners and it wouldn't fill the gap. we heard about chained cpi, a suggestion john boehner made for his proposal. i want to bring in christine romans to break this down. >> chained cpi would change the way the federal government calculate inflation. which could possibly save the government $300 billion over the next decade if implemented. normally every year, wages and prices go up. the consumer price index, the cpi measures how much they go up by tracking a basket of goods that americans typically buy. it's important, it's used to calculate cost of living adjustments on social security. checks pay a little more each year in line with inflation, as calculated by the cpi. now one potential flaw in the system, cpi assumes people don't change their basket of the price of meat goes u
. >>> so far the fiscal cliff debate in washington has focused largely on taxes, tax rates, how much the wealthiest 1% or 2% americans will see their tax rates go up. tax hikes on the rich alone will not put all that much of a dent in the national deficit. could you take away every dollar from the top 1% of earners and it wouldn't fill the gap. we heard about chained cpi, a suggestion john boehner made for his proposal. i want to bring in christine romans to break this down. >>...
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Dec 23, 2012
12/12
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WMAR
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this is not part of the sequester or the fiscal cliff. this is a trillion dollar tax increase over the next decade that just hit. so there's a $20 billion to $30 billion over the next 10 year tax on medical devices that make stents of prosthetic devices -- >> all signed foo law by the president. >> law of the land, 90% of the tax increases to pay for obama care conveniently interestingly took effect, begin to take effect after the president got himself safely re-elected. if you're a poor person and have 7 1/2% of your adjustable gross income used up in medical costs, the president decided the democrats in congress voted to take that -- >> i get your point -- >> average americans who are very sick pay $2 billion to $3 billion more in taxes to pay for obama care. these are tax increases on the middle class, put there by obama. he wants you to talk about taxing the rich as he's busy socking it to the middle class? a luxury of a debate that washington may have, that folks like me on the ground in cities all across america don't have. i've got
this is not part of the sequester or the fiscal cliff. this is a trillion dollar tax increase over the next decade that just hit. so there's a $20 billion to $30 billion over the next 10 year tax on medical devices that make stents of prosthetic devices -- >> all signed foo law by the president. >> law of the land, 90% of the tax increases to pay for obama care conveniently interestingly took effect, begin to take effect after the president got himself safely re-elected. if you're a...
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Dec 23, 2012
12/12
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KGO
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fiscal cliff, we still have a fiscal problem is go in the middle and argue over both tax increases which everybody knows needs to go up in order to fix it and spending cuts and entitlements. >> it may not exist in washington. on your point about dogma, grover norquist, of course, you popularized the no tax pledge for many years. on this plan by the speaker which would have allowed taxes to go up, your group said it wasn't a tax increase and that still wasn't good tough for a lot of house republicans. >> look, let's understand, there is a plan to actually solve the debt that's been run up, the deficits to continue, the entitlement reform and tax reform to get more pro-growth, tax reform, and that's the ryan plan, which has actually passed twice by the house of representatives. people can talk -- >> no support from the president. it's not going anywhere. >> the democrats haven't done a budget in three, four year, haven't put anything forward that deals with entitlements. there's one and only one plan that has actually been passed by one house. the president hasn't put anything forward that
fiscal cliff, we still have a fiscal problem is go in the middle and argue over both tax increases which everybody knows needs to go up in order to fix it and spending cuts and entitlements. >> it may not exist in washington. on your point about dogma, grover norquist, of course, you popularized the no tax pledge for many years. on this plan by the speaker which would have allowed taxes to go up, your group said it wasn't a tax increase and that still wasn't good tough for a lot of house...
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Dec 23, 2012
12/12
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WBAL
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. >> the current battle in washington has to do with the fiscal cliff. two senior senators took to the airwaves today to discuss what happens next. democrat chuck schumer and suggested republicans needed to work on a partisan solution and accept the reality of tax increases. republican senator lindsey graham says he does not expect a big deal until the next round of debt ceiling talks. >> our republican colleagues, by refusing to go along with revenues, are risking the fiscal cliff. >> there will not be a big deal. the chance for a big deal is with the debt ceiling. that is one of will have leverage to turn the country around. >> president obama urged congress to get a deal done when they returned from christmas break. president obama was among the dignitaries that attended the memorial service for the senator. the world war ii was the first japanese-american elected to both houses of congress, serving hawaii for 50 years. he died of respiratory complications last monday. he was 88 years old. former president bush is still in stable condition in a housto
. >> the current battle in washington has to do with the fiscal cliff. two senior senators took to the airwaves today to discuss what happens next. democrat chuck schumer and suggested republicans needed to work on a partisan solution and accept the reality of tax increases. republican senator lindsey graham says he does not expect a big deal until the next round of debt ceiling talks. >> our republican colleagues, by refusing to go along with revenues, are risking the fiscal cliff....
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Dec 23, 2012
12/12
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CSPAN
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is one last tax on the poor and middle-class right before we go off together over the fiscal cliff. many's bill contains dangerous provisions. part c we got last night in which the 25 million working americans would pay more on taxes. the drastic cuts, they could not adjourn this year without one more last attempt to destroy the health care bill that will provide health care for millions more americans, covered by insurance is they have never been able to have before. during my last election last month, i met more than one person. she was born with cerebral palsy. she had to do without any health insurance. she was born with cerebral palsy and had a pre-existing condition. 2 million americans would lose their unemployment assistance right here at the holiday time. as i said before, the program would be gutted. those on just cuts would leave millions struggling to pay their bills and put food on the table. americans we are talking about are not the ones that cause the problem in this country. they have nothing to do with financial services. continually, this house asks them to pay th
is one last tax on the poor and middle-class right before we go off together over the fiscal cliff. many's bill contains dangerous provisions. part c we got last night in which the 25 million working americans would pay more on taxes. the drastic cuts, they could not adjourn this year without one more last attempt to destroy the health care bill that will provide health care for millions more americans, covered by insurance is they have never been able to have before. during my last election...
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Dec 23, 2012
12/12
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we have got a percent out of taxes, half a percent to a percent out of fiscal consolidation and a percent and a half out of certainty. if you do it all at once, you probably won't get the high-end number. but i am very on optimistic thaf we just get ahead of the curve on these problems, that we can have the country we remember. thank you. >> thank you. i want to turn o jason. he -- turn to jason. we all know that in a financial sense and medicare are in trouble, but what we asked can him and charles blah house to do was how do you reform the social security system so it's not just fixing it in terms of making it balanced, but what do you do to get growth? what's the answer to that question? >> i have two hours, right? >> two minutes. [laughter] >> first of all, i want to thank everyone involved in this project. and, mr. president, thank you -- >> jason, why don't you sit here, because we're getting a little -- >> feedback? >> reverb, yeah. >> go ahead and turn your mic off. >> this better? thank you again, mr. president, for your remarks, and also i apologize i didn't get the no-tie memo
we have got a percent out of taxes, half a percent to a percent out of fiscal consolidation and a percent and a half out of certainty. if you do it all at once, you probably won't get the high-end number. but i am very on optimistic thaf we just get ahead of the curve on these problems, that we can have the country we remember. thank you. >> thank you. i want to turn o jason. he -- turn to jason. we all know that in a financial sense and medicare are in trouble, but what we asked can him...
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Dec 23, 2012
12/12
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MSNBCW
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>> and by that are you saying you think you wanted the president to go over the fiscal cliff? >> harry reid. >> and if so, do the republicans get the blame, and do you think the president wants to go over the fiscal cliff? >> you know, republicans and democrats are going to get the blame for this. everybody is going to get the blame because it's a spending problem that has been decades in the making. when you look at the trajectory of how many has been spent in this country, you can go back 50, 60 years and see the articulation of where those dollars have been spent, see how that spending escalated coming through the '70s, back down a little bit with reagan, but not enough, and then, of course, when you reduce the taxes, you need to be reducing that spending, so the blame, there's -- there is plenty of blame to go around. i am really concerned that come january 1 you're going to see the taxes go up on people. you are going to see the obama care taxes come on to the books, and it's going to be kind of that taxmageddon, if you will, if we do not reach a resolution to these issue
>> and by that are you saying you think you wanted the president to go over the fiscal cliff? >> harry reid. >> and if so, do the republicans get the blame, and do you think the president wants to go over the fiscal cliff? >> you know, republicans and democrats are going to get the blame for this. everybody is going to get the blame because it's a spending problem that has been decades in the making. when you look at the trajectory of how many has been spent in this...
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Dec 23, 2012
12/12
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host: one of our viewer says, how well wall street reacts to the fiscal cliff? we know there will be a deal. well stocks dropped anyway? to follow the market? guest: i do. it is possible the market will reflect displeasure or concern or worry about going over the cliff. it is important for the average american to not focus so much on the day-to-day gyrations of the stock market. you can be sure, politicians will be focused on it. one in this for getting a deal would be if all street has major crops days in a row. that might convince people who might otherwise think they could get a better deal to get a deal done. in that sense, it could be an action-forcing response. in the sense of what is happening in the real economy, i think we would prefer our stock market to be based on be diffict rid of. things like profits, how well companies are doing, the overall state of the economy, and that these day to day changes, whether a deal gets signed on. you're 30 or december 5. i do not think we to be too concerned about the market long term. that changes if we go a few mo
host: one of our viewer says, how well wall street reacts to the fiscal cliff? we know there will be a deal. well stocks dropped anyway? to follow the market? guest: i do. it is possible the market will reflect displeasure or concern or worry about going over the cliff. it is important for the average american to not focus so much on the day-to-day gyrations of the stock market. you can be sure, politicians will be focused on it. one in this for getting a deal would be if all street has major...
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Dec 23, 2012
12/12
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FOXNEWSW
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. >> alisyn: not only if we plunge off the fiscal cliff, even if we don't go off the fiscal cliff, the new york post has broken it down this morning and said, remember how -- president obama has been able to say he's lowering everybody's taxes because he put in that payroll holiday and payroll tax holiday. so everybody's taxes for the past two years, the social security tax 6.2 to 4.2%. that expires, sun sets at the end of this and that's not part of the fiscal cliff negotiations. everybody's-- there will be a bite taken out of every single person's paycheck because that holiday is over. >> clayton: yes, 2% we're talking here so it's going to go back to, as alisyn pointed out, that 6.2%, it's currently 4.2%. will they extend this thing? is this part of the negotiations? we don't know, so far it hasn't been, is it going to be put on the table at any point. >> kelly: unlike you, people on capitol hill scratching their heads and saying, what is going on, why haven't we had a common sense agreement bipartisan to get something done and everyone is scratching their heads and wall street is s
. >> alisyn: not only if we plunge off the fiscal cliff, even if we don't go off the fiscal cliff, the new york post has broken it down this morning and said, remember how -- president obama has been able to say he's lowering everybody's taxes because he put in that payroll holiday and payroll tax holiday. so everybody's taxes for the past two years, the social security tax 6.2 to 4.2%. that expires, sun sets at the end of this and that's not part of the fiscal cliff negotiations....